Income Tax Returns Surge: 53.67 Lakh First-Time Filers for AY 2023-24

Income Tax Return: A significant update has been announced regarding Income Tax Returns. As of July 31, a remarkable 6.77 crore ITRs were filed for the assessment year 2023-24. Among these, 53.67 lakh individuals filed returns for the first time, according to the Income Tax Department. 

The department stated, "More than 6.77 crore ITRs have been filed till July 31 for the assessment year 2023-24. This number marks a 16.1% increase compared to the 5.83 crore returns filed during the same period last year.

The Income Tax Department had set the deadline for salaried taxpayers and those not requiring income audit for the financial year 2022-23 to submit their ITR by July 31. 

The department had firmly stated that there would be no extension to this deadline. On the last day, July 31, over 64.33 lakhs returns were submitted, indicating a rush to meet the cutoff.

The Income Tax Department has reported that this year, more than 53.67 lakh individuals have filed their Income Tax Returns (ITR) for the first time, indicating an expansion in the tax base. 

However, for companies and individuals who need to undergo auditing of their accounts, the deadline for filing income tax returns for income earned in the FY 2022-23 is 31st October. Out of the total returns filed until July 31, 3.44 crore ITRs (61%) have been electronically verified and processed by the Income Tax Department.

Income tax filing

To assist taxpayers with any filing issues and provide support, the Income Tax Department established an e-filing desk. Out of the total 6.77 crore returns filed for the assessment year 2023-24, 49.18 percent were filed as ITR-1, 11.97 percent as ITR-2, 11.13 percent as ITR-3, 26.77 percent as ITR-4, and 0.94 percent as ITR-5.

e-filing

Over 46 percent of the returns were filed online using the Income Tax Department's e-filing portal, while the remaining were filed offline. The record number of ITR filings has been a cause for celebration among taxpayers.

Also Read: Income Tax Return: The Govt. is planning to increase the Section 80C Deduction Limit!! What We Know